A wholly-owned subsidiary of iWOW Technology has been awarded a contract worth an approximate value of $20 million for the installation and maintenance of smart city infrastructure for a Singaporean customer.
The contract will consist of supply and installation works, which is expected to be fulfilled over the next 12 months, a two-year defects liability period and a 10-year maintenance component, which is expected to commence subsequent to the defect liability period, up till the financial year ending March 31, 2037.
With the new contract in place, iWOW’s current order book has been lifted to approximately $106.5 million, a 26% increase from $84.7 million as of June 30.
The contract is not expected to have any material impact on the performance of iWOW’s financial year ending March 31, 2024.
